KIBO Lotto: The First Ever Ethereum Blockchain–based Lottery
The gambling industry has been one of the testing grounds for blockchain technology for a few years now. One of the first gambling platforms using the blockchain technology was Bitcasino.io. After that, there was a batch of sites that allowed players to wage bets appearing from thin air, all of them using the Provably Fair technology were presented.
Now, there is a new platform eager to introduce a new transparency feature that greatly surpasses the Provably Fair technology. Kibo Lotto is a platform that uses Ethereum smart contracts for lotteries. Even though the platform has not officially been released yet, the word is already out that Kibo will be the first Ethereum-based gambling platform.
What is Kibo?
Kibo is a gambling platform that uses smart contracts over the Ethereum blockchain to provide the best transparent and fair gambling experience. Kibo launched their ICO back in September 2016.
Kibo presented the decentralization concept using the Ethereum smart contracts in 2016.
Kibo’s lottery system is built on Ethereum smart contracts to guarantee fair play. According to its whitepaper, the Kibo platform mission is to solve some of the biggest problems in the world of lotteries.
The platform is open to every person in the world, no matter their nationality or location, while it will also enable the chance to play in a transparent and perfectly safe environment. Kibo wants to be the first international lottery, where even people in countries with no banking infrastructure can participate in the lottery.
The Kibo Platform
Execution of all operations of the platform is ensured by the smart contracts, which ultimately excludes any possibility of external intervention to any game process. This ensures a completely transparent and 100 percent honest lottery game with instant payments of winnings of any size at any part of the world where there is an internet connection. All main transactions in the account have a direct link to the blockchain operation and are fully transparent for the platform owner. As the terms of all partner’s incomes generation are established in a smart contract, it ensures the most transparent working conditions and an opportunity to receive a stable income from cooperation with an operator in the gambling industry.
Smart contract architecture and platform management system are organized in a way to secure the balance between the chance to influence the gaming process and inbuilt award system and, at the same time, saving the possibility of the platform’s further development. This means that there are a number of parameters inbuilt in the contract that cannot be altered by anyone and their execution is ensured by the contract.
What is Kibo Trying to Introduce?
The key features of the Kibo lotto are built to bring a safe and trusted gambling environment. The platform introduces 100 percent Fair Play and Transparency by using smart contract technology to manage every step of the way. The lottery has always been one of the most popular and oldest types of gambling games in the world. Kibo wants to tap into that market with their global, 100 percent fair and transparent lottery system based on Ethereum.
There is a big issue in the lotteries industry. Licensed lottery operators cannot take out the human factor in the industry to ensure a 100 percent fair system. Apart from that, there is also a big problem with regional lotteries where each country has its own lottery system, and many different locations have different regulation. Other issues also include the length of time it takes to collect winnings, the number of fees, and limited access to ticket purchases.
What Kibo is trying to do, is to bring all the industry together and unify every operator onto the same regulatory framework. Kibo uses a network of over 6000 independent lottery affiliates around the world to gain massive worldwide audience. The main aim of the company is to offer online gaming while maintaining a high level of transparency and allowing users around the world to participate in the lottery.
The company is using the Ethereum blockchain to disrupt the gaming industry and to sort out all of these problems. Kibo is introducing a safe gambling environment by applying smart contracts to run every single part of the gambling process. The main element of the Kibo platform is the Kibo Lotto, which enables a new way to stage, arrange and manage the lottery games.
A company representative commented:
“Thanks to blockchain technology and Ethereum smart contracts we have forever eliminated the most crucial disadvantages of the most popular game in the world.”
Kibo lotto also introduces advantages like transparent draws, prize payments based on smart contract technology and bigger bet control. This is built to allow the company to eliminate any fraud attempt from the drawing results. Kibo lotto prizes are paid automatically by smart contract immediately after the drawing. This means lottery participants can receive any amount of the jackpot at once from any part of the world with no additional fees or charges. Since the platform contains games of various characteristics and individual time interval, winning numbers for each of them are assigned by two specially developed random numbers generators.
Kibo is ready to launch and will be the world’s first Ethereum blockchain-based lottery platform. Kibo is bound to use smart contracts to implement a fair play environment in its lottery system. Players will be able to confirm any transaction, any draw, and any lottery. The Kibo Platform aims to be introducing an anti-fraud system, meaning that there will be no place for fake, manipulated, or deleted transactions once the platform is open to the public.
As soon as the Ethereum team solves the gas price issue, Kibo team will be able to launch the first release with the limited number of users; Kibo tokens will be listed at stock exchanges and will be open to be sold on any external sites supporting the ERC-20 standard. Only tokens that will be owned by investors and which participated in the ICO will be listed at stock exchanges.